Barclays will acquire a deposit book with balances of £10.9bn and a mortgage book with outstanding balances of £5.6bn. The mortgage book has a loan to value ratio of 50 per cent which Barclays will acquire with a three per cent discount.
On completion of the deal, 750 ING Direct UK employees will transfer to Barclays along with some 1.5m customers.
These will be integrated into the Barclays UK retail and business banking division.
Ashok Vaswani, chief executive of Barclays UK Retail and Business Banking, said: "We will be delighted to welcome ING Direct UK customers to Barclays. We intend to maintain the high standard of service and honour the existing terms and conditions they have experienced with ING Direct UK.
"The acquisition of ING Direct UK is a good fit with Barclays existing UK retail banking business."
ING said customers did not need to do anything but would be sent details of the proposed transfer in a few weeks time.
The acquisition is subject to regulatory approval and is expected to be completed in Q2 2013.
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